Remitly Global, Inc..
RELY.US | Other financial service activities, except insurance and pension funding activities, n.e.c.
Remitly Global, Inc. is a digital financial services provider that focuses on serving immigrant communities. The company develops and provides mobile-first technology solutions that enable users to send money internationally. Remitly's platform facilitates secure and convenient money transfers, offe...Show More
Better Health for All
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Remitly's core service, facilitating international money transfers, has a positive health impact as remittances are used by families for essential needs, including medical care.
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For example, 16.7% of remittances in Mexico are spent on health, and remittances positively impact government health spending.
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The company's 2023 global average cost for sending remittances was 2.39%, aiming to achieve the UN's Sustainable Development Goal of less than 3% transaction costs.
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Remitly targets migrant workers sending money to lower-income countries, with remittances representing nearly 6% of GDP in low-income countries.
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Remittances are a lifeline for families facing climate disasters, economic volatility, and geopolitical conflict, helping with essential needs like food, housing, and medical care.
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Remitly uses AI-driven models to detect and prevent fraud and financial crime.
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The company does not collect or manage health-related data.
Fair Money & Economic Opportunity
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No evidence available to assess Remitly Global, Inc. on Fair Money & Economic Opportunity.
Fair Pay & Worker Respect
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For fiscal year 2024, Remitly's CEO to median employee pay ratio was 10:1, with the CEO receiving $296,100 total compensation and the median employee $28,684.
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None of the company's over 2,800 full-time equivalent employees are represented by a labor union or covered by a collective bargaining agreement.
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Women earn approximately 82 cents for every dollar earned by men in similar positions.
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Employee engagement surveys, pulse surveys, and feedback sessions are conducted annually, with a Glassdoor compensation and benefits rating of 3.9/5 stars and an overall employee rating of 3.7/5 stars.
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The company offers comprehensive benefits including medical, dental, and vision insurance, a health savings account with company contribution, family and medical leave, flexible work schedules, paid holidays, flexible vacation time, and mental wellness access for employees and dependents.
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An employee stock purchase plan is also offered.
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One job posting for a Business Operations Manager was for a 12-month fixed-term contract.
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Fair Trade & Ethical Sourcing
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No evidence available to assess Remitly Global, Inc. on Fair Trade & Ethical Sourcing.
Honest & Fair Business
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Remitly has a detailed whistleblower policy that outlines protection against retaliation, reporting channels, investigation procedures, feedback mechanisms, and record-keeping.
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It utilizes an external service provider (ClearView Connects™) for its Ethics Hotline, which accepts anonymous reports.
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The policy also states that malicious or knowingly false reports may result in disciplinary action.
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For customer and stakeholder ethics complaints, the company acknowledges receipt within 7 days and provides initial feedback within 3 months, with further feedback possible every 3 months.
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The use of an external service provider for the Ethics Hotline suggests some level of third-party verification for ethical claims, but the extent of this verification is not specified.
Kind to Animals
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Remitly Global, Inc. is a digital financial services provider. Its core business model does not involve physical products, animal-derived ingredients, animal testing, animal husbandry, or operations that directly impact wildlife habitats. Therefore, all KPIs related to animal welfare, such as cruelty-free certification, alternative testing methods, humane certifications, ethical input substitution, supplier audits for animal welfare, cage-free sourcing, animal agriculture ethics, and R&D for animal-free technologies, are not applicable to the company's operations. Articles explicitly state that Remitly has 'No Animal Testing' and 'no involvement in... fur, specialty leather', which aligns with the N/A classification for a service-oriented company.
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No War, No Weapons
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No evidence available to assess Remitly Global, Inc. on No War, No Weapons.
Planet-Friendly Business
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No specific, company-wide quantitative data or verifiable actions related to planet-friendly business practices were found across the provided articles. Information regarding carbon emissions, renewable energy use across all operations, water consumption, waste diversion, or climate targets is not publicly available or not disclosed in the provided evidence.
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Respect for Cultures & Communities
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No evidence available to assess Remitly Global, Inc. on Respect for Cultures & Communities.
Safe & Smart Tech
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Remitly protects sensitive personal data, including bank account and credit card numbers, using encryption in transit and at rest, and employs modern encryption protocols like AES256 and 2048-bit RSA for its mobile app and website.
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The company requires Strong Customer Authentication, offers fingerprint access, and provides multiple authentication options.
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Remitly complies with the EU-U.S., UK Extension, and Swiss-U.S. Data Privacy Frameworks, and is regulated by the Financial Conduct Authority and registered with the UK Information Commissioner.
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Users have control over their data, able to close profiles, cancel transactions, remove payment instruments, and request transaction traces.
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Remitly conducts security training for all employees during onboarding and annually.
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However, the company retains personal data, including transaction and identity verification data, for at least 10 years following the end of the legal relationship, which is a lengthy retention period.
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While Remitly uses automated processes for identity verification and fraud prevention, there is no specific information on the explainability of these AI-driven decisions, the scope of security testing, or the integration of privacy-by-design principles across all products.
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Zero Waste & Sustainable Products
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The provided articles do not contain any specific data or information regarding Remitly Global, Inc.'s performance or initiatives related to Zero Waste & Sustainable Products.
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There is no evidence available for waste diversion, product recyclability, packaging sustainability, recycled content, single-use plastic reduction, take-back programs, circular design, waste reduction initiatives, hazardous waste management, product durability, repairability, waste audit frequency, zero waste certifications, waste disposal violations, material efficiency, packaging-to-product ratios, waste reduction targets, supplier waste requirements, or customer waste education.
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